Sri Lanka stocks hit new all time high after Hayleys group share splits
ECONOMYNEXT – Sri Lanka stocks closed up 3.13 percent on January 21, reaching an all-time high, of 8,131.25 points as Hayleys group units soared after share splits were announced topping a previous high of 7,922.66 points reached on January 16, 2021.
Colombo’s All share price index gained 3.13 percent or 246.80 points to close at 8,131.25.
The S&P SL20 index of most liquid stocks topped 3000 points, to close at 3,196.73 points exceeding the previous high on January 16, 2021.
Hayleys Plc contributed to the ASPI gain, closing 202.50 rupees or 35.06 percent up at 780.00 rupees, with key subsidiaries Dipped Products rising 135.00 rupees to close at 576.00 rupees and Haycarb Plc gained 49.85 percent or 384.00 rupees to close at 1,154.25 rupees
Over a dozen Hayleys unit announced share splits on Thursday. Share splits do not increase the net asset value of a company, but lower prices and higher number of shares may make the shares more liquid.
Kigsbury Plc, Unisyst Engineering, HayleysFiber, Amaya Leisure, Kelani Valley Plantation, Hayleys Fabric, Talawakelle Tea Estate, Singer Industries (Ceylon), Haycarb, Singer Sri Lanka, Regnis Sri Lanka, Alumex, Dipped Products and Hayleys Plc announced share splits.
The index fell to an intra-day low of 7,856.21 in the first hour into trading but picked up and continued to increase throughout the day.
The S&P SL20 index of more liquid stocks gained 3.24 percent or 100.38 points to close at 3,196.73.
The market turnover was 14.2 billion rupees with 108 stocks gaining and 108 falling.
LOLC Holdings gained 49.25 rupees or 21.25 percent to close at 281.00 rupees a share, contributing most for the ASPI gain.
Vallibel One gained 24.11 percent or 11.00 rupees to close at 55.50 rupees.
Some banks stocks fell back as punters chased the Hayleys units.
Hatton National Bank closed 1.25 rupees down at 139.50 rupees, Sampath Bank closed 1.25 rupees down at 165.50 rupees, Commercial Bank of Ceylon fell 3.00 rupees to close at 93.70 rupees while DFCC Bank closed 50 cents up at 71.90 rupees.
Nations Trust Bank fell 60 cents to close at 66.10 rupees, Pan Asia Banking Corporation fell 60 cents to 18.10 rupees and Seylan Bank fell 1.20 rupees or 1.82 percent to close at 64.70 rupees.
Central Finance Company fell 40 cents to close at 92.20 rupees while LB Finance gained 34.50 rupees or 18.50 percent to close at 221.00 rupees and Peoples Leasing and Finance fell 20 cents to close at 14.90 rupees.
Citizens Development Business Finance gained 9.50 rupees or 8.60 percent to close at 120.00 rupees.
Expolanka Holdings fell60 cents to close at 50.70 rupees, Access Engineering fell 30 cents to close at 30.50 rupeesand Browns investments close 20 cents down at 6.60 rupees a share
In the hotel sector Eden Hotel Lanka closed 30 cents up at 13.40 rupees, Sigiriya Village hotel closed 10 cents up at 36.00 rupees, Aitken Spence Hotel holdings gained 10 cents to close at 34.80 rupees andJohn Keels Hotels closed 310 cents up at 11.30 rupees a share.
The Kingsbury Plc another subsidiary of Hayleys group closed 20.33 percent or 2.50 rupees up at 14.80 rupees.
Sri Lanka Telecom closed 90 cents up at 41.40 rupees andMelstacorp Plc closed 1.00 rupee up at 61.20 rupees.
John Keells Holdings closed 5.00 rupees up at 162.00 rupees a share and Richard Pieris Company closed flat at 15.40 rupees.
Ceylon Tobacco Company fell 15.25 rupees to close at 1,101.25 rupeesand Distilleries Company fell 20 cents to close at 23.10 rupeeswhile Ceylon Cold stores closed 16.25 rupees up at 726.25 rupees.
EB Creasy and Company fell 1,018.75 rupees to close at 6,764.00 rupees while Hemas Holdings closed 1.00 rupeedown at 94.10 rupees.
Nestle Lanka closed 13.00 rupees up at 1,277.50 rupees and Dialog Axiata closed 10 cents up at 12.90 rupees.
Aitken Spence Plc closed 3.60 rupees up at 71.20 rupees and Carson Cumberbatch closed 25 cents up at 305.75 rupees.
Sri Lanka record a net foreign sales of 649.6 million rupees today.
The Capital Goods Industry was the most active, gained 7.9 percent and Materials Industry which was also active gained 13.7 percent today. (Colombo/January 21/2021)